Independent wealth management firm Succession Wealth has bought Pannells Financial Planning for an undisclosed sum.
Pannells currently manages over £1.4bn ($1.92bn, €1.68bn) in client assets and has seven offices in England and Scotland.
It was founded in 1989 to deliver a wide range of bespoke financial solutions for both individuals and businesses.
The deal takes Succession Wealth’s private client assets under administration to over £9.4bn and marks the firm’s 59th acquisition since 2014. It follows the purchases of JCF Financial and Bankhouse in December 2021.
‘Interesting opportunities’
James Stevenson, chief executive at Succession Group, said: “We are hugely excited to partner with Pannells, a firm we have long admired for its values, success and strong commitment to independent advice. The cultural fit between us that is so present with Pannells is central to how we assess strategic acquisition opportunities.
“This has been a busy period of corporate activity, but our strategy remains focused jointly on continued organic growth and strategic acquisitions only where we believe they add value to both parties.
“While we do see plenty of interesting opportunities in the market, we’re focused on acquiring high-quality businesses whatever their size and building scale to the benefit of our clients – not for its own sake.”
The acquisition comes several months after International Adviser reported that Succession Wealth was up for sale for £400m.
